Legit.ng Dissociates Self From Another Deceptive Ponzi Scheme Targeting Nigerians

• Legit.ng has reacted to the cloning of its page by a fraudulent website involved in a cryptocurrency scam to give some form of credibility to its duplicitous activity
• The development comes as Nigerians on several social media platforms continue to count their losses as a digital asset trading platform popularly known as CBEX reportedly crashed
• In its public notice, Legit.ng warned unsuspecting members of the public of "this deceptive webpage" and warned that "we do not sell, deal or endorse any cryptocurrency platform"

Legit.ng journalist Ridwan Adeola Yusuf has over 9 years of experience covering public affairs in Nigeria.

Ikeja, Lagos state - Nigeria's leading digital media platform, Legit.ng, on Thursday, April 17, 2025, dissociated itself from a sham Ponzi scheme.

The website, novatrailp.com, disguised as Legit.ng, is targeting unsuspecting Nigerians. Novatrailp.com promotes Jau Crypto, which it claims helps "ordinary citizens receive monthly dividends and become richer".

Read also

CBEX scandal: Reps raise alarm over collapse of N1.3trillion crypto scam

It comes at a time when thousands of Africans fell victim to the controversial digital investment platform, CryptoBank Exchange (CBEX).

Recall that angry 'investors' turned to social media to describe how they were locked out of their accounts on CBEX.

They also claimed they could not withdraw their investments and worried that their money had gone.

A viral video showed a female Libyan returnee identified as Bola weeping at CBEX's office entrance in Ibadan, Oyo state, devastated by the loss of her savings.

The video can be watched below:

In the same vein, chaos erupted in Ibadan on Monday, April 14, 2025, as a mob of alleged disgruntled investors stormed the CBEX office in Oke-Ado area following the reported crash of the digital trading platform.

The company had promised investors that their money would double every month. With Nigeria currently facing straitened economic times, many people are desperate to find ways to increase their income.

Read also

CBEX: 5 Key things to know about Ponzi scheme that recently crashed and defrauded Nigerians

Nigerians have lost a whopping N4.8 trillion to scams since MMM’s collapse in 2016, according to prominent economist Paul Alaje.

Amid the furore, Legit.ng's Editor-in-Chief, Rahaman Abiola, urged greater caution from the public.

Raising alarm about Nigeria having a "serious problem" at hand, Abiola noted that recent findings have shown that criminal enterprises are deploying phoney websites to defraud the masses of their hard-earned money.

He said in a statement:

“For the avoidance of doubt, Legit.ng has never and is not currently running an any scheme, much less one that promises abnormal, higher rates of return on investment."

Abiola added:

"The nation is already dealing with a series of crimes involving unlicensed Ponzi schemes and dubious digital asset platforms. It is unacceptable to have yet another front from crime.

"Our correct website is: https://legit.ng; members of the public are advised to look out for this correct url (https://www.legit.ng) in viewing content from Legit.ng as we lead the way."

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Nigerian govt sends notable message to all CBEX 'investors', “to put your hard-earned money"

CBEX: SEC warns Nigerians

Meanwhile, the Securities and Exchange Commission (SEC) has warned Nigerians to steer clear of unregistered investment and digital asset platforms.

Speaking on the newly signed Investments and Securities Act 2025, the SEC said any platform not registered with the Commission is illegal—and will be shut down.

The director of acknowledgement at the SEC, Dr. Emomotimi Agama, said the new law empowers the commission to crack down on Ponzi schemes, fake tokens, and unregistered exchanges, while also promoting innovation in the FinTech space. He cautioned celebrities and influencers to be mindful of their involvement with questionable digital assets and meme coins that could harm Nigerians.

Dr. Agama stressed that the SEC welcomes growth in digital finance, but only within the framework of transparency, accountability, and full compliance with the law.

Read more on CBEX:

• Man who cried out after losing N9 million to CBEX gets land worth N30m, explains how it happened
• Observant lady shares secret behind CBEX, gives detailed analysis of crashed investment scheme
• Full list: 11 Popular ponzi schemes Nigerians will never forget

Read also

EFCC sends notable message to all CBEX 'investors' on funds

'Painful' - FG sympathises with CBEX investors

Earlier, Legit.ng reported that the federal government sympathised with victims of CBEX.

The government stressed that citizens must work together to end the rise of ponzi schemes in the country.

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng